I thought Clint made some insightful observations here:
"My view is that bible colleges should get back to their core business, training people in a knowledge of the Scriptures, and in the application of the Scriptures to their lives. Failing that, I can safely predict that those schools will crack under massive debt loads.
I also think there is a great need for new, biblically focussed, bible training schools. Such schools should have their genesis in the local church and be the outflow of an ecclesiastical concern to equip young people in a knowledge of the truth.
As God seems to operate, he allows institutions----tools---- that have been used in the past, to be set aside for new instruments. Sometimes the older tools get resharpened. But if the old scythe will not keep its edge, what further purpose does it serve? Let us pray for existing bible colleges that they would take and edge once again, but let us also pray that the Lord of the harvest would see fit to implement new tools as he sees fit."